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한상넷 로고한상넷

전체검색영역
Shilla Millennium Park put on sale
Collected
2016.11.03
Distributed
2016.11.04
Source
Go Direct
Shilla Millennium Park, a history theme park in Gyeongju in the southern part of South Korea that is rich in cultural heritage, was put on sale after it has been struggling to lure visitors.

The Seoul Central District Court and Samil PricewaterhouseCoopers (PwC), the lead manager of the sale, publically announced on Wednesday that they will auction off the asset.

Shilla Millennium will issue new shares for the sale, and potential bidders should submit their letter of intent by November 11. Candidates will be given two weeks for due diligence before official bidding on December 6.

The theme park constructed with an investment of 100 billion won ($87.2 million) was launched in 2007. The theme park with 181,800 square meters of space simulates the culture of the ancient city on the Korean peninsula in the 8th century and is well known as a local TV drama studio. The theme park posted a net loss of 3.2 billion won over sales of 2.6 billion won in 2015.

The former owner was Sambu Construction Co. but it lost its management rights this year as it was put under court receivership. Shilla Millennium also lost its control after it filed for court protection.

By Yoo Tae-yang

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]